My harmonious padlet by Ahkirah Ali

Tariff

88888_10 — 2024-03-26 13:00:34 UTC

The purpose of tariffs are to stand as a source of revenue for a country and also to regulate goods ad services exported in and out of the country.

Example: tax put on goods put by country

Effects: raises initial price of a product

If this trade barrier was removed, jobs would be loosed. manufactures would be destabilized, and the economy would face the consequences.

88888_10 — 2024-03-26 13:12:56 UTC

The purpose of a quota is to help regulate the volume of trade between one country and another.

Example: The United States limits the volume of Canadian beef to 199,000 tons that can be imported each year.

Effects: the effects of countries having a quota is consumers having to pay a higher price for goods coming from other countries due to its value.

If quotas were removed then consumers would pay less for goods coming from other countries.

88888_10 — 2024-03-26 13:19:38 UTC

The purpose of embargos is to exert pressure on a country to promote compliance to international norms.

Effects: blocks importation of goods

Examples: US places an embargo on Cuba, restricting all trade and investments.

If embargos were removed, then countries would have to trade with other countries, regardless if they agreed with what the countries were doing.